Fostering Investment & Atmanirbhar Bharat: A Look At India's Commitment To Ease Of Doing Business
As instrumental participants in India's journey towards ease of doing business, the industry witnesses the emergence of promising partnerships that demonstrate homegrown success stories.
By Vinay Kapoor
India's consumer electronics industry has established itself as a leading force in homegrown innovation, fulfilling the nation's domestic demand for indigenous products. Government-led initiatives such as Atmanirbhar Bharat, Digital India, and Production-Linked Incentive (PLI) further push India's ambition to become a global electronics manufacturing hub. With the world's second-largest smartphone market, India is also well-positioned to meet the anticipated $21 billion demand in the consumer electronics market by 2025.
As instrumental participants in India's journey towards ease of doing business, the industry witnesses the emergence of promising partnerships that demonstrate homegrown success stories. Equipped with state-of-the-art manufacturing facilities, the focus remains steadfast on delivering products that embody excellence, innovation, and affordability. This unwavering commitment is propelled by the industry's dedication to prioritising key factors that define the approach to the market.
Building A Robust Raw Material Ecosystem
The foundation of every successful business lies in a robust raw material ecosystem. The remarkable growth trajectory of India's consumer electronics industry presents abundant opportunities for homegrown brands to harness local resources and meet their manufacturing targets. An extensive network of reliable local vendors ensures seamless delivery of supplies, facilitating timely manufacturing and delivery of end products to consumers.
Moreover, strategic collaborations with local suppliers, enhanced quality control measures, and cost-effectiveness can help strengthen the broader raw material ecosystem. By leveraging the abundance of resources within the nation, the consumer technology industry is poised to drive sustainable growth while satisfying the ever-evolving demands of the market. These partnerships not only strengthen the local resource economy but also demonstrate a deep commitment to the Make in India effort.
Fostering alliances with international providers of technology products is just as critical as having a strong network of local vendors. The consumer electronics sector improves the product lifecycle and enriches the entire user experience by utilising worldwide expertise and cutting-edge technologies.
Elevating Indian Workmanship To Global Standards
Both the consumer electronics and manufacturing sectors have witnessed substantial improvements in workmanship, owing to the positive impact of government-led training programs on the workforce. Regular training sessions and internal skill development programs are implemented to maintain a competitive edge. These initiatives have bolstered the skill set of personnel, instilling a higher level of expertise and competence. As a result, confidence in product development has been enhanced, relying on a skilled workforce capable of delivering exceptional quality and precision.
By fostering a culture of skill development and providing opportunities for growth, the industry nurtures a pool of talented individuals who will shape the future of product development and contribute to the overall development of the economy.
Strong Emphasis On Research & Development
At the heart of the industry's commitment to excellence lies a strong emphasis on research and development (R&D). Dedicated R&D teams, comprising highly experienced engineers and designers, relentlessly foster innovation and drive the development of cutting-edge products that adhere to global standards. Deep involvement in R&D efforts ensures that consumer requirements and insights are transformed into products that deliver exceptional value, combining superior quality with best-in-class features at accessible price points.
The aim is to achieve 100 per cent 'Make in India' status across various product categories. Strategic investments are made to support this objective, including the production of specialised machinery to reduce reliance on international markets. Furthermore, the integration of emerging technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) aims to revolutionise the development of consumer electronics products, driving significant advancements in productivity, efficiency, and overall quality.
Broadening Consumer Reach Through Multi-channel Partnerships
Forming alliances with top e-commerce companies and establishing an extensive offline distribution network is crucial for expanding consumer reach and increasing brand visibility. With the ever-increasing number of options available to consumers, brands need to establish a strong presence across various channels to effectively engage with their target audience to drive better sales. By partnering with reputable retailers and distributors, brands can ensure a seamless shopping experience and widespread availability of their products to Tier II and Tier III markets.
India's commitment to Atmanirbhar Bharat and ease of doing business foster homegrown innovation and economic growth, shaping a brighter future for the Indian economy. This dedication empowers the nation, propelling it towards self-reliance and global recognition.
(The author is the CEO and Co-Founder of Skyball)
Disclaimer: The opinions, beliefs, and views expressed by the various authors and forum participants on this website are personal and do not reflect the opinions, beliefs, and views of ABP Network Pvt. Ltd.
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